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Form 4797 for Santa Clara California: What You Should Know
A qualified disaster loss is a loss that is more than the disaster loss exemption (deduction) that was applicable to the taxpayer's tax for the tax year that the incident occurred. The disaster loss may be used, however, only to reduce the amount of the tax, interest and penalties due. These amounts may be treated as if they were allowed as a credit against tax, interest and penalties owed for taxes already paid. These amounts shall be included in computing taxable income or the gross income of the taxpayer for Federal income tax purposes. In any case, the deduction to be deducted is a percentage of the excess of such loss over the disaster loss exemption. The percentage is based on the difference between the loss and the maximum allowable disaster loss exemption (deduction) for each disaster related year. The disaster loss shall be deducted only to the extent allowable to the taxpayer in computing federal income tax (FIT) under the provisions of the IRC. If it is not possible to determine the amount of a disaster loss deduction on the date the deduction will be permitted and is uncertain at the time the deduction will be allowed, the deduction may be denied for certain types of sales; provided the loss is more than 5,000.00, and certain requirements are met. In any event, the loss may be counted only against the taxpayer's liability for the tax year in which it is made or the recovery period. The deduction shall not be allowed against the taxpayer's liability for the tax year in which the event occurred unless the taxpayer establishes to the satisfaction of the IRS that the loss is attributable to certain types of tax-related activity. In addition, this claim for a deduction will not be allowed if the amount deductible is in excess of 10% of such taxpayer's Federal income tax liability for the tax year that the transaction occurred or, if applicable, will not be allowed if the amount deductible is more than 15% of such taxpayer's income for the same tax year, subject to certain exceptions. In addition, this claim for a deduction will not be allowed if the amount deductible is in excess of 15% of such taxpayer's income for the same tax year, subject to certain exceptions. A claim for a qualified disaster loss in excess of 15% per year of adjusted gross income shall not be allowed if the taxpayer was subject to any tax under IRC Section 1101(a) for the tax year in which the transaction occurred.
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